OFS Capital Corporation (NASDAQ:OFS) (“OFS Capital” or the “Company”) today announced its financial results for the fiscal quarter ended September 30, 2013, OFS Capital’s third full quarter of operations following its initial public offering (“IPO”) in November 2012.
|($ in millions, except for per share data)|
|Portfolio Results||September 30, 2013|
|Investments, at fair value||$||219.3|
|Net asset value per share||$||14.46|
|Weighted average yield on debt investments||7.21%|
|Operating Results||September 30, 2013||September 30, 2012|
|Total investment income||$||4.0||$||4.0|
|Net investment income||$||1.4||$||1.4|
|Net increase in net assets resulting from operations||$||0.4||$||3.0|
|Investments in new portfolio companies, at par||$||3.0||$||23.1|
|Number of new portfolio companies||1||7|
|Number of portfolio companies at end of period||56||53|
Other Key Data Points
- On October 31, 2013, OFS Capital made a third quarter 2013 distribution of $0.34 per share to shareholders of record as of October 17, 2013. The Company estimates the tax characteristics of its distributions on a quarterly basis and will report the final tax characteristics of the distributions to shareholders on Form 1099 after the end of each fiscal year. However, if the characteristics of that distribution were determined for the quarter ended September 30, 2013, the Company estimates that $0.19 of the distribution would have been characterized as a return of capital to the shareholders.
- The aggregate fair value of OFS Capital’s investment assets was 98.9% of cost at September 30, 2013.
“We have been successful to date in keeping our OFS Capital WM senior loan subsidiary substantially invested in senior secured floating rate assets, which have provided reliable interest income for OFS Capital,” said Glenn Pittson, Chairman and Chief Executive Officer of OFS Capital. “At the same time, we continue to make progress towards obtaining from the Small Business Administration the approvals necessary to convert our investment in Tamarix Capital Partners, L.P., which we refer to as the SBIC Fund, into a drop-down small business investment company within OFS Capital. Moreover, we are pleased by the SBIC Fund’s accelerating pace of capital deployment.”